Ranked: SBI, which has assets of over Rs 7 lakh crore, 57th in the list of the world’s Top 1,000 banks this year, by the UKbased banking publication The Banker. SBI was ranked 70th last year.
Increased: In the first half of the current financial year, direct tax collections, to Rs 1,47,197 crore, compared to Rs 1,11,055 crore in the corresponding period last year. Within the direct tax basket, collections from corporate tax went up by 35.65 per cent.
Signed: By India and the EU, a civil aviation pact that will allow Indian carriers to operate an unrestricted number of flights to European destinations like London, Paris and Frankfurt, besides allowing Indian carriers to enter into code-share arrangements with European carriers without seeking government approval. The European carriers will also enjoy similar facilities in India.
Risen: By 124 per cent to $14.6 billion, foreign direct investment (FDI) into India in the first five months of this financial year, despite the global meltdown in financial markets. FDI inflows in August 2008 were $2.32 billion, an impressive increase of 180 per cent over the figure for the same month last year.
Agreed: Between India and Germany, that the latter will not force Indians working on contracts of up to four years in that country to pay social security tax, provided they continue to make such contributions back home. The reciprocal agreement, signed in New Delhi recently, applies to Germans employed in India, too. The agreement will benefit 10,000 Indians employed in Germany and nearly 5,000 Germans working in India, said Overseas Indian Affairs Minister Vayalar Ravi.
Elected: Lakshmi Niwas Mittal, Chairman & CEO of Arcelor Mittal, as Chairman of the World Steel Association, representing about 180 steel producers from across the globe. The association recently changed its name from International Iron and Steel Institute.